The BTC.com mining pool currently controls minor flow. This is because it accounts for almost 98% of all BTC transfers from miners to exchanges.
According to a recent report from Cryptoquant, this trend provides important insights into miners’ behavior.
Bitcoin Miner Shows Patience
Historically, BTC.com has increased its leak into binance when Bitcoin prices rise, indicating strategic benefits at the top of the local area. On the other hand, when flows drop, miners are more reliable as they choose to hold Bitcoin rather than selling.
Interestingly, Bitcoin trading has exceeded $100,000 in recent months, but BTC.com’s flow to Binance has been drastically reduced. This suggests that miners are anticipating further price increases, reducing sales pressure and could support more sustained gatherings.
“Mineers are one of the smartest players on the market. Watching their movements helps us understand where we are in the cycle.”
Zooming out reveals “seasonal” trends when you look deeper into network-level data.
Hashrate seasonality
The latest development comes as Bitcoin temporarily fell below $100,000 this weekend, dropping to $98,000 in a quick response to geopolitical tensions after reports of a US strike at Iran’s nuclear site. However, the dip was short-lived as the cryptocurrency rebounded by the beginning of Monday.
Despite recent pricing milestones, Bitcoin’s on-chain trading fees remain weak, according to latest observations from Digital Mining Solutions. In 2025, fees consistently accounted for less than 1% of the block’s total compensation, failing to offset subsidies cuts resulting from half. This weak fee environment means that miners’ revenues, or hash prices, are closely correlated with Bitcoin’s price.
When BTC drops, the hashpris drops almost in sync, supporting a minimum fee to cushion the decrease. Bitcoin’s network hashrate has been very volatile this year, seeing some record highs and sharp drops. It peaked at 950 EH/s in mid-June and plunged to 827 EH/s. This was a 13% decrease. The steep correction following this pattern of surges is consistent, with seasonal factors playing a role.
With about half of the US concentrated in Texas, summer heat waves and energy reductions often lead to hashrate dips.